There’s a good chance it’s been a while since you used cash or coins to pay for something. Thanks to technologies like contactless and online payment, using a credit or debit card for everyday spending is easier and more convenient.

At the same time, your cards are just as susceptible to theft as a wallet or purse. In many cases, the damages from card fraud are much costlier than losing paper money.

Card theft and fraud are becoming increasingly frequent, especially as technology turns to digital payment methods. It’s always a good idea to reduce the risks of falling victim to fraud.

Here are a few ways to keep your credit and debit card information safe.

Understand the Different Ways You Can Lose Your Card Security

Credit or debit card fraud occurs when someone uses another person’s card or card information to make unauthorized transactions. There are many methods a bad actor can use to steal your card, and they don’t even need the physical item to take your money.

The Office of the Comptroller of the Currency, a part of the U.S. Department of Treasury, identifies the many different types of fraud that leave your card information vulnerable:

• Account takeover: The fraudster takes control of the account to make unauthorized transactions.
• Card-not-present fraud: A person uses stolen card information to purchase online.
• Card skimming: A device attached to a POS terminal or ATM captures information when swiping a card.
• Mail fraud: A fraudster steals a card in the mail before the intended account holder receives it.
• Phone theft: A thief steals someone’s smartphone or electronic device to gain access to details stored on a digital wallet.
  

As you can see, it is possible to lose control over your credit or debit card account in many ways. It’s more than pickpockets who can steal your financial information.

As a cardholder, it is reasonable to believe that theft can occur at any time. That’s why taking a two-pronged approach to fight fraud is a good idea: take measures to prevent it, and take decisive action when you suspect you’ve fallen victim to it.

Here’s what we recommend to keep your card information safe.

Ways To Prevent Credit Card Fraud

As we’ve covered above, there are two primary ways thieves conduct credit or debit card fraud:

• Stealing a card or making a copy to use at terminals.
• Stealing card details and making unauthorized transactions online.
  

Knowing this, you’ll want to secure your cards on two fronts. First, prevent your physical card from being stolen. Second, make sure your payment information is secure.

Preventing the theft of your physical card affords several options. If you keep your card in a wallet or pocketbook, carry it with you in a way that discourages pickpockets. You can use a crossbody bag with zippers and place your wallet there. Some smartphone cases include card slots for storing your most-used cards.

Another thing you can do is store your card information on your smartphone using a digital wallet. Both Apple and Android have dedicated apps for this method. Using a digital wallet has several advantages:

• Ability to leave physical cards at home (lock them in a secure place).
• Can make paying faster with tap-to-pay technology.
• Reduces the clutter in your everyday carry.
  

If you opt to use a digital wallet, make sure to use your phone’s locking features. That way, if your phone goes missing, a stranger will have a harder time accessing it.

Protecting your card and account information can be tricky. For situations where you need to use your payment information online, you must be aware of who you are conducting transactions with and where you store that information.

NerdWallet has a handy article for preventing credit card fraud, including practical tips on making online payments. Some quick tips you can incorporate right now include:

• Never pass along card information through messaging apps or social media.
• Refrain from making online payments over public Wi-Fi networks.
• Keep records of where you are using auto-pay.
• Ensure your online accounts use strong and unique passwords.
  

In a perfect world, you never want to store payment information online. Cybercriminals can commit data breaches against corporations, leaking your information through no fault of your own. If you must store your payment information with a service provider, do your due diligence to protect your account credentials.

What To Do if Your Card’s Been Compromised

Remember that credit card theft can happen to anyone at any time. Even the best-planned security measures may fail against a resourceful or persistent fraudster.

Act quickly to mitigate the damage done by debit and credit card theft. You can do this by staying informed and aware of the status of your accounts and having a plan in case something happens.

Here are a few steps you can take:

• Check your debit and credit card statements regularly. Use your financial institution’s online banking platform or mobile app to monitor transactions made with your cards. Check frequently so you are familiar with your spending habits and can identify if something seems strange.

   

• Enable notifications on your phone. Banking apps should have an option that sends you push notifications or texts every time a card is used to complete a transaction. Enable this feature so you can stay updated on your card’s activities.
  

If your credit or debit card has been used for a fraudulent transaction:

• Contact your card issuer as soon as possible. Letting your issuer know about potentially fraudulent activity ensures you aren’t on the hook for a charge and prevents the card from being used for further fraud. They can also reissue a new card.

   

• Update your accounts. If you have used a compromised card for web bill payment services or subscriptions, you must update your payment information when you receive a new card. When you do this, updating your passwords is also a good idea. Enable multi-factor authentication if possible.
  

Take proactive measures when it comes to card security. Staying aware and taking action keeps your payment information away from thieves.

Keep your financial life SAFE with First Florida. Visit our Scam and Fraud Education page to learn more about how to protect your data.